AACC Asset Acceptance Capital Corp. (MM)

Asset Acceptance Capital Corp. Expands Board of Directors WARREN, Mich., March 2 /PRNewswire-FirstCall/ -- Asset Acceptance Capital Corp. today announced the appointment of Jennifer Adams and Don Haider to the Company's board of directors. These two appointments increase Asset Acceptance Capital's board to seven members. Adams served as general counsel and then vice chairman of World Color Press, Inc. Headquartered in Greenwich, Conn., the company was the second- largest commercial printing company in the U.S. before being acquired by Quebecor, Inc. Haider is a professor at Northwestern University's Kellogg School of Management. The Company said Adams and Haider will bring significant and complementary knowledge to Asset Acceptance's board. Adams and Haider will join the audit, compensation and governance/nominating committees. "Jennifer and Don will be excellent additions to the Asset Acceptance Capital board," said Bud Reitzel, chairman of the board of Asset Acceptance Capital. "We specifically chose board members capable of providing vital wisdom and guidance as Asset Acceptance Capital maps a new course for growth as a public company. We are confident Jennifer and Don will complement the existing board and its effort to keep Asset Acceptance Capital continually moving in the right direction." The Company said that these appointments, which were contemplated in the prospectus for its February 5, 2004 initial public offering, represent the first step toward its plan to have a majority of independent directors. Adams began her career in 1986 as an associate for the New York office of Latham & Watkins. In 1991, she joined World Color Press, Inc. as general counsel and was promoted to vice chairman, becoming one of the top three executives who transformed the publication printer into a high-growth commercial printing company grossing $2.5 billion in annual revenue. Adams was instrumental in the company's successful 1996 initial public offering. She also worked as a lead negotiator on 25 acquisitions, while overseeing seven public debt and equity offerings as well as numerous private financings. Adams holds a BA from Princeton University and a JD from Stanford Law School. Haider began his academic career in 1971 as a lecturer and assistant professor at New York University and City College of New York (Political Science) before joining Columbia University as an Assistant, Associate and then Professor of Management. In 1973, he accepted his current position as Professorof Management, Kellogg School of Management at Northwestern University. Haider holds an MA and a PhD in Political Science from Columbia University and a BA from Stanford University. Reitzel said, "Good corporate governance is a priority for Asset Acceptance Capital, and we will continue to seek additional independent directors to add to our already strong board." About Asset Acceptance Capital Corp. For more than 40 years, Asset Acceptance has provided credit originators, such as credit card issuers, consumer finance companies, retail merchants, utilities and others -- an efficient alternative in recovering defaulted consumer debt. For more information, please visit http://www.assetacceptance.com/ . Safe Harbor Statement This press release contains certain statements, including the Company's plans and expectations regarding its operating strategies, charged-off receivables and costs, which are forward-looking statements and are made pursuant to the safe harbor provisions of the Securities Litigation Reform Act of 1995. These forward-looking statements reflect the Company's views, at the time such statements were made, with respect to the Company's future plans, objectives, events and financial results such as revenues, expenses, income,earnings per share, capital expenditures, and other financial items. Forward- looking statements are not guarantees of future performance; they are subject to risks and uncertainties. In addition, words such as "estimates," "expects," "intends," "should," "will," variations of such words and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions ("Risk Factors") thatare difficult to predict with regard to timing, extent, likelihood and degree of occurrence. There are a number of factors, many of which are beyond the Company's control, which could cause actual results and outcomes to differ materially from those described in the forward-looking statements. Risk Factors include, among others: ability to purchase charged-off consumer receivables at appropriate prices, ability to continue to acquire charged-off receivables in sufficient amounts to operate efficiently and profitably, employee turnover, ability to compete in the marketplace, acquiring charged-off receivables in industries that the Company has little or no experience, integration and operations of newly acquired businesses, and additional factors discussed in the Company's reports filed with the Securities and Exchange Commission and exhibits thereto. Other Risk Factors exist, and new Risk Factors emerge from time to time that may cause actual results to differ materially from those contained inany forward- looking statements. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results. Furthermore, the Company expressly disclaims any obligation to update, amend or clarify forward-looking statements DATASOURCE: Asset Acceptance Capital Corp. CONTACT: Jeff Lambert or Tim Hanson of Lambert, Edwards & Associates, Inc., +1-616-233-0500, , for Asset Acceptance Capital Corp. Web site: http://www.assetacceptance.com/

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